Insurance brokers generally work for clients who desire to purchase insurance policies by interacting with multiple insurance companies to obtain for the client favorable coverage at favorable prices. The goal of the insurance broker is to provide the client with multiple quotes from multiple insurance companies so the client can compare the price, policy provisions, the level of service by the insurance company, etc., to select the insurance company that is the best fit for the client.
In addition to this work with the client, the insurance broker is also looking to enhance relationships with the insurance company and increase the number of instances for which the insurance company provides a quote based on submissions provided by the broker to the insurer. Certain insurance brokers are also looking to provide valuable information and services to insurance companies as a service provider to them. In order to do this, the broker desires to understand the types of policies that the insurance company is likely to quote. This helps (i) the insurance company by not having to review submissions that they are unlikely to bid on, (ii) the insurance broker who can target each submission to those insurance companies who are likely to provide a quote and (iii) the client who will then receive the most relevant quotes for the desired insurance. While this is the desired goal of all three parties to the transaction, the process of accomplishing these goals could be made simpler and more efficient.
The interaction of the insurance broker with both clients and insurance companies allows the insurance broker to collect a large amount of information concerning a large number of policy transactions. It would be advantageous if this information collected by the insurance broker could be leveraged to promote the three goals described above.